tv Countdown to the Closing Bell With Liz Claman FOX Business April 13, 2017 3:00pm-4:01pm EDT
. >> all right. we just heard from president trump who praised our military, we know the damage is being assessed right now in afghanistan as we watch a market that is trading lower on the news that we dropped the mother of all bombs in eastern afghanistan in a design to take out isis there. liz claman, over to you. liz: trish, the markets were shaken, the world is perhaps a little bit jittery after a literal bombshell announcement. you can see that here we go. we are straight up 3:00 p.m. eastern. the final hour of trade and the dow is falling 58 points. of course, afghanistan shaking still at this hour after u.s. forces drop a moab, the mother of all bombs on a isis tunnel network in the region. this bomb, the strongest nonnuclear weapon in the u.s. arsenal, far more powerful than the tomahawk missiles launched against the syrian airfield last week, aimed at destroying bashar al-assad's power aimed to use his
expected stockpile. the trp adnistrati being ld loud and clear in the mid-east. and with this photographic prompt in north korea perhaps as well. take a look at this photo. just released by the u.s. air force. it's an image of pure military might. more than a dozen lined up aiming straight at the heart of kim jong-un and his hermit kingdom. fox strategic analyst ralph peters on whether one of these worst of the worst enemies might be preparing to strike us. plus it's the video that's taken around the world flight. a 69-year-old grandfather being dragged off that united flight to the horror of his fellow passengers. even though he was seated with a ticket. just as we predicted, the countdown story just a couple of days ago when it happened, the lawyers are now involved. wait until you hear what they say about that man on your screen. the ceo of united who gave a nonapology and then what they say wasn't an apology at all.
you know bob massie is the host of the property man but also a personal injury attorney. he's got the legal out absolutely furious just about how big of a lawsuit united could face. with united to the lows of the session, we're less than an hour to the closing bell on a very busy thursday. let's start the countdown. ♪ ♪ liz: breaking news. president donald trump saying he doesn't care what message the bomb that was just dropped is sending to north korea. it was dropped on afghanistan, and he fully supports the u.s. military. they targeted an isis strong hold in afghanistan with one of these. a 21,600--pound bomb, and they did so because a green beret was killed in the weekend this weekend. markets immediately getting rattled by the latest geopolitical rest, and you can see it on the intraday, that's
when the dow started super tumbling, down more than 100 points. about noon p.m., actually noon eastern when the news broke out that this massive bombing in afghanistan has happened. you can see that we're watching the dow recover, still down about 60 points. but, again, the markets are definitely jittery, and the rest of the stock showed that as well. the nasdaq and the s&p are also showing red on the screen. the s&p down about six and two-thirds, and then you can see the nasdaq down seven. tech is up about 10% this year, so that's not too bad of a drop at the moment for the tech-heavy index. the dollar is on the rebound at this hour recovering against a basket of global currencies less than a day after comments from president trump sent it tumbling. the president telling the wall street journal during the show yesterday, that's when it was released, that the dollar had gotten too strong and could hurt the u.s. economy. it has been such a week of twists and turns for the market. definitely not a time to take a break. that's why fox business' open
for business tomorrow and even though u.s. markets are going to be closed, clearly you can see there will be so much to talk about starting at 8:30 a.m. we get the retail sales numbers out who knows what news sort of globally will be coming out as well. tune in tomorrow, especially considering i will be live from washington, dc with the latest breaking news on all that has been developing in just the past 48 hours. huge news in the fight against isis. let's get to that first because as the u.s. dropped the largest nonnuclear bomb known as that mother of all bombs, 21,600 pounds right on tunnels apparently belonging to the islamic state in afghanistan. it had a blast radius of approximately one mile and has been confirmed by the u.s. military. there is this as well. the japanese prime minister giving a dire warning earlier today. he believes north korea has or will have soon the capability to fire missiles that are
loaded with gas, a lethal nerve agent and the same gas believed to be used by bashar al-assad on his own people in syria last week. this as north korea has already threatened nuclear action against the united states if provoked, so now japan is very concerned. blake burman at the white house. blake, because there are breaking news stories on multiple fronts, i'm going to begin by asking you what is taking pretense with the administration right now? >> well, the president was asked moments ago, you saw some of that video about this bomb in afghanistan that was just dropped about four hours ago. so that is the front page news here at the white house, liz. most certainly what we can tell you, you just ran through some of the details. 21,000 pounds, the mother of all bombs. the largest nonnuclear bomb dropped in eastern afghanistan. the aim, the goal here was to cut through some of those tunnels, cut through some those caves that terrorists have been using there for years. isis fighters there in eastern afghanistan, a defense official telling fox that this wasn't necessarily in retaliation for the killing of
the green beret who died in afghanistan over the weekend. instead that defense official saying quote it was the right weapon for the right target and not in retaliation. president trump was asked about this moments ago and called it a success. listen. trump: if you look what happened over the last eight weeks and compare that really to what's happened over the last eight years, you'll see there's a tremendous difference. tremendous difference. so we have incredible leaders in the military, and we have incredible military. and this was a another very, very successful mission. >> however, liz, many questions at this hour of whether or not the chief actually authorized that strike. he was asked point-blank by reporters there inside the white house whether or not he did so and the answer that he gave was the following. quote everybody knows exactly what happened. what i do is i authorize my military. questions about afghanistan at this hour also questions as it relates to north korea. it appears potentially that
they could be detonating their sixth nuclear bomb over the weekend, as it is the day of the sun on saturday. the big national holiday there inside that country. satellite images appear to show that it could be the case happening in a couple of days, what happened in afghanistan was not necessarily sending a message. however, he also said of north korea that it is a quote problem and he said that problem will be taken care of. liz. liz: blake, let's talk about north korea because that of course is sort of second in the list. thank you very much, blake burman. if the pictures paints 1,000 words, what does this photograph released by the u.s. air force today of american military jets pointing in the direction of north korea say? with tension spreading abroad and threats of military conflict between the u.s. and other major nations, who's the worst of the worst threat to america? fox news strategic analyst retired army lieutenant colonel ralph peters is
joining us now. colonel peters, just moments ago, the president was asked by reporters about whether he was worried that north korea might be watching and listening or worried or happy about this bomb drop in afghanistan. here's what he had to say. trump: i don't know if this sends a message. it doesn't make any difference if it doesn't. north korea's a problem. the problem will be taken care of. i will say this: i think china has really been working very hard. i have really gotten to like and respect, as you know, president chi. liz: and you can see our markets have come up off the lows when people heard the president speaking and supporting the military and all of this. we're down now 59, had been down more than 100. but to the issue that i think many americans and investors are concerned about, ralph, is pick your poison. is it kim jong-un of north korea? you heard blake say saturday there may be some test of another weapon. or is it syria? is it afghanistan and isis?
>> the number one strategic threat, the overarcing threat is russia with its nukes, with its bad behavior around the world, with the attempts to disrupt the west. but of course, we have immediate tactical and operational concerns. and, liz, the two issues that really just came up here, one the use of the moab, the massive ordinance air blast bomb. i just want to explain what that does. it's meant to go after tunnel systems, but it doesn't have to burrow very far into the ground. the explosion's so massive that it creates overpressure. it collapses tunnels on top of tunnels. and, you know, coming from a coal-mining family, i can tell you that being buried alive is o. so we were sending a signal to north korea. the military -- our military was. why? because north korea's nuclear program is largely buried underground, and we're sending a message that even being underground is not going to
save you. this bomb will get you. the ceiling can collapse. liz: that is the first i have heard of that that the moab, that mother of all bombs and that's not even the technical name for it, for that, but i remember this from the beginning of the iraq war, the moab and so you're saying that, you know, president trump says i don't really know if it sends a message. you believe that it absolutely does send a message and maybe to iran as well who supposedly has all kinds of nuclear operations underground. >> yeah. well, i think we'll just call this the moab, we'll call it the lizzie. a real powerhouse. liz: i'll take it. thank you. >> but certainly, the primary purpose of course was to collapse that tunnel system and face the immediate enemy. but sometimes you're smart and god knows general mattis is smart, you get a two fer. and i have no doubt that this was a message for our military a calling cards on the north korean's. now, the other issue that came
up in that sound bite worries me and that's president trump saying what a great guy president chi is. it reminded me of barack obama praising vladimir putin. but also chinese presidents -- chinese leaders one after the other have promised us they're going to get serious about dealing with north korea. and president chi is very skillful. i think he's going to make some token gestures. he's not going to take on the north korean regime because a critical wartime ally and instead what he's doing is postponing any economic scriptures. liz: or it's the start of the art of the deal where he says help us here, and we will not have a trade war. >> well, i hope it is. i hope president trump turns out to be a ruthless and brilliant and successful negotiator. but we've been down this path so many times with american presidents from both parties trusting the most reputable foreign leaders. because they look him in the
eyes and say, oh, yeah, boss. you bet. we want to be your friend. we're going to do exactly what you want and then they don't. go back to the 1990s and the chinese were making us promises and never came true. now, i'm not for attacking the chinese. what i'm saying is president trump needs to bring all his bargaining skills to the table and a lot of skepticism. liz: back to putin because i believe, he of course is helping many of these hot spot regions. just yesterday president trump said it's pretty clear that the russians probably knew about the chemical weapon being dropped in syria in advance of that. and then today, he's putting out a tweet that says that he believes, you know, it's very actually toward russia. so things are going to work out fine between the usa, he tweeted in russia at the right time everyone will come to their senses, and there will be lasting peace. which is it? >> well, the white house does
have a problem with the messaging. and hopefully, one hopes, that president trump is just trying to reassure the american people. and global markets that things will be okay. it's tense now, but it will be okay. but we have to see where he goes in the coming weeks because yesterday rex tillerson gave a good -- strong performance in moscow. he wasn't as nearly as articulate as sergey, the russian foreign minister. it didn't matter. he stuck to his talking points, stuck to america's case and that's what matters because rex tillerson yesterday ended 16 years of american capitulation to russia and vladimir putin. so i was encouraged yesterday but god knows with this administration, liz, we have to see where it goes. liz: well, great to see you, lieutenant colonel ralph peters. always so interesting to speak with you and, listen, we have to tell people with the dogs possible war weighing on leaders around the world, also weighing on the international
monetary fund managing director christine leggard. the imf is the organization that would be tapped to help any country in crisis. part one of my exclusive one-on-one interview with the imf chief airing tomorrow here on countdown and of course next week, they're about to release their outlook for u.s. global growth, so what does she is about that and what appears to be this global powder can he go and its economic impact? 3:00 p.m. eastern tomorrow. live. well, it's getting worse before it gets better for united airlines. that's for sure. but the closing bell 45 and a half minutes away. the stock of ual at first looked like it was going to do okay. and now it is heading back down south after lawyers for this man, dr. david dow, the most famous airline passenger in the world at this hour speak out, revealing that their client suffered smashed teeth, a concussion, and more after its violent removal from the united plane, even though he had a ticket.
what his lawyers say is the next move. and tesla ceo fighting back. what elon musk had to say from investors pushing for change in tesla's ranks. and you've heard that expression just because you're paranoid doesn't mean you're wrong. well, lyft drivers, this one's for you. if you thoughtou were ing followed, well, uber may be the one shadowing you. uber's latest controversy and the speed bump that it could create on the roads to an ipo. think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio
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ics, well, from the airline industry where united is getting hammered in the relations world, uber in the auto world just added another headache to its public relations nightmares. a site called the information is revealing that the ambition name in the ride-sharing industry reportedly had a secret program dubbed hell. and what that program does is it tracks drivers for rides of lyft. and then we've got this auto news breaking out of tesla ceo elon musk tweeting moments ago that the electric car company will unveil the tesla semi truck. next september, this is a
group of tesla investors are demanding a quote more independent board citing musk's dominance. his response to this shareholders? buy ford then. let's bring in wall street journal automotive reporter mike who just rushed our studios from the new york auto show and tesla bull gerber kawasaki ceo, i want to get to uber first. ross, it's not publicly traded, but it does business with many publicly-traded companies, whether it's the automakers or software giants, who knows what. so perhaps they are owned by a lot of our viewers, a convoluted way of saying is uber in trouble now? it already was in hot water. >> well, they're in trouble in some ways, but it's certainly a saveable business. they need to get rid of the ceo as soon as possible. he's a cancer. it doesn't seem he's able to follow any rule or law that's ever been created or any ethical standard that even a
basic standard. so he needs to go and the sooner the better for the company. liz: what do you think, mike? >> i think ross is probably hitting on the right point there. i mean, berating the driver in the backseat of the car, the sexual harassment claims, all of the stuff you hear about the partying overseas. it seems like a bad call. but, look, ride hailing is not dead; right? people are excited about hailing rides. so the business model is okay. it's just can they cleanup this other stuff? and i mean, this tracking thing you were just talking about. liz: they're tracking their own drivers with another software system called god view. i mean, it just goes on and on for them. but quickly, ross, before we get to tesla, would you touch this ipo or keep away from it with a ten-feet pole? >> no. i wouldn't touch it, and i think uber's mispricing their rides. they're way too cheap. they're losing money hand over foot right now. so i think they need to build a sustainable business model with profits.
liz: okay. let's get to tesla. mike, you just came from the new york auto show where tesla is not participating. >> right. liz: but they've come out with big news about a huge semi truck. i can't imagine how much that would cost. but elon musk is used to being attacked by all kinds of groups but now an investor group is saying he's got too much power that there needs to be a little tweaking with leadership. >> yeah. i mean, the accusations that there are people on the board who are too close to him, which was exacerbated with the combination with solar city. but, look, they said before that they were going to pursue independent directors. they're doing that. this is i think to a degree elon musk being elon musk on twitter. liz: he said fine. if you don't like it. buy ford stock. go ahead. get out. but, ross, you have called it. you have been supportive of tesla saying all those haters out there, they can hate all theyant buthe stock will continue to rise. it recently was at $300 a share.
and yet the haters are still there. 38% of the float is shorted. ross. >> yeah. you know, i think i sent you guys a comparison to galileo. you know, he did wonderful work in italy and the pope banished him and wouldn't let him get buried. and it's very similar, you know? i have to say, it creates a huge opportunity for shareholders with so many shares sold short, that means those shares have to be rebought at some point, implying the stock can move up another 25% just with people covering. but this is an amazing company doing amazing things. and if you just think long-term, if you just think out five years where there will be -- where they will be, there will be a few companies like this. liz: it has a $6 billion revenue stream and yet general motors has 150 billion and ford is up there, does tesla
confirm this? >> i think ross has it right. it's a company that bleeds cash, doesn't make money within misses targets, investors don't care because they have a conviction about the future. they think elon musk will eventually solve those problems, and they're worried that gm and the old guard are in mind, that's why the share price is in neutral. watch honda, gm, these other guys, tesla has competition and these guys have scale and armies of engineers. so this battle is far from over. liz: good to see you both. thank you so much. mike spectator of the general, mark geshur of kawasaki. a bumpy week, that's an understatement. really bumpy for investors in the wake of this beyond viral vio. lawyers for dr. david dow ready to take on the quote bully of the third largest airline in the world. united can continental airlines. the lawsuit ready to take
flight. cost of doing business, getting very high. wait until you hear exactly what his attorney said. countdown coming right back. yes? please repeat the objective. ♪ thrivent mutual funds. managed by humans, not robots. before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds.com.
jo breaking news. united airlines will complete a full review by april 30th, what happened to passenger david dao on a flight to louisville from chicago on sunday. lawyers for dr. david dao are not waiting around. they're doing their own investigation after he was forcibly dragged off a united airlines flight sunday. theyeld a press conference, and lawyer, tom demeet trio and lambasted the airline after his client suffered a concussion, broken nose, damaged sinuses and smashed two front teeth of his. listen. >> and i would defy anyone to
suggest that there was not unreasonable force and violence used to help dr. dao disembark that plane. this was not a nutjob. this was not a threat to anybody. should he have, should he have been unceremoniously dragged out of that plane the way he was? he is 69-year-old man. is that really the way we want to treat the aged? will there be a lawsuit? yeah, probably. liz: let's bring in bob massi. he is a personal injury litigation attorney and host of bob massi the property man. you're laughing. i know why. because it is just an understatement, probably, right? >> well, probably, i suspect the doctor's medical practice will now become a hobby as opposed to a job after they pay him on this
deal, trust me. look, i've done personal injury and real estate stuff for 35 years. this is handed to them on a plate. now the investigation goes this way. these lawyers are telling united and all interested parties, save the video surveillance. why? because if they don't, there is a theory in the law, liz, that says, most states have this, if it disappears that is what we call spoilage. that means that it groups, it presumes that whatever it showed was of course against united. liz: sure so. >> in this particular case these lawyers are ready to roll. of course the injuries are there. this is question how much they take the case or settle for or litigate it? liz: i would guess this will be settled this is awful for the company, let alone to dr. dao, suddenly leakage of incorrect information, some attempted smears of him. he is a 69-year-old grandfather
who was visiting his grandchildren in chicago. had a ticket. had the seat. had paid. what did you learn during the news conference though, bob, that indicated to you that he really might have quite a massive case? >> look, this case is not only a case for negligence, this was a common carrier. airplanes, trains, buses, their standard is even great are how they're supposed to act because they're in the business of transporting people, and as a result of that their responsibility is on a greater n this situation not only have the kinds of actions for emotional distress, negligence, intentional infliction of emotional distress, they will also have an action for punitive damages. by definition, what that means, the actions of defendants, how many defendants there are in this case, we don't know, there could be several is a disregard, reckless disregard for the right of injured party.
that is exactly what the -- liz: five million, 10 million. what number would you look at if you had this case? >> well, i would still be working with you guys but i would sort of probably be a little more comfortable at times. a lot of money. seven figure. look, here's the thing, it is not just the fact, he has a closed head injury, he has other injuries. liz: smashed teeth. >> he has to be treated for a while. smashed tooth, but concussion, closed head injuries are worth a lot of money. but it is the punitive action, that is where they will get him. the question will become real quick, who are the real parties here? united i understand. there is republic staff. you have the airport security. maybe the chicago -- you have everybody is going to write a check, seven figures for sure. liz: before we go, bob, season 3 of a show that you are the star of. >> yeah. liz: i'm obsessed with the show because i renovated a real clunker of a house.
it is not fabulous because i got ideas from you. quickly make a comment, airs tomorrow, 8:30 p.m. eastern. >> third season tomorrow night at 8:30 eastern time on the business network. we did scottsdale, tucson, arizona. it is best season of all, you hope as you go it gets better. stories about gold mines, wrigley's mansion. i thank everybody. fox for allowing me to have the opportunity. thank you for having me on. liz: bob, i wait to watch it. thank you so much. bob massi. >> thank you very much. liz: dow industrials going further south, down 99 points at this moment. we'll be right back. ♪
for the galaxy s8 have surpassed the s 7. customers looking past the exploding battery issues that plagued samsung last year. it will be available next friday the company topped fourth quarter expectations thanks to the growing online business but weaker-than-expected guidance dragging the stock down pier 1. earnings season for biggest banks for wells fargo, jpmorgan andchy group and on the news that berkshire hathaway is cutting its stake in the bank. we'll have more on "countdown to the closing bell" coming up next. especially in my business. with slow internet from the phone company, you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story.
suddenly we've taken a leg down. we're down 114 points. remember very thin volume ahead of the good friday holiday. that doesn't matter. there is so much news involving the world. president trump has changed the political, you could call it the political contours of his presidency over the past 24 hours. a number of shifts in one interview with the "wall street journal" given moments before a warm meeting with the nato alliance he once called obsolete. the president said his relationship with russian president vladmir putin, nonexistent. he says china does not manipulate its currency after months saying china did. he endorsed the export-independent port, xm bank, which he complained against. and this as his approval rating soars from about 38, dehe pendg onhich one you were looking at to now 48% after he authorized the bombing of syria in the wake of the use of
chemical weapons. politicians are usually dinged for breaking promises. could president trump react to facts on the ground and could it help him? we're joined by fox news contributor tammy bruce and democratic strategist ellis henican. we were going to discuss whether he risks hurting his base. clearly the poll shows it is not hurting relationship with the base but maybe some centrists are saying he is shifting to positions that we agree with. >> look, his base really elected a man, like ad man who was forceful, who was going to be a leader, who was clear and transparent. even in these kinds of positions that he has taken that has been expected. at the same time they have also read "the art of the deal" this is businessman making decisions, not a politician, they know, he has written about, how you start out strong, maybe start out with a no when you're making a deal. we've seen that. we expected him to adjust as gets into the presidency, sees
dynamics on the ground and what it requires. look, it also casts him as a little bit unpredictable which is helpful for us, because we've had eight years of a very predictable passive aggressive frankly do-nothing president. saying thing about china or yellen, that could change incomes week, couldn't it? liz: ellis, john maynard canes says when the facts change, i change my position, what do you do, madam. listen facts have changed the president said. even from the democratic side, they have got to look at this and say, well now he is on board with nato. that is a good thing. >> if i were one of those true-believing trump supporters, turned up at the rallies i would want to turn my cap back in, make america great again. folks thought me a lot of it was kind of nutty and dangerous. now turns out he is doing complete 180 half of dozen prime
aspects of his entire platform and i got to tell you, i'm starting to hear rumbles from the true believers. will throw steve bannon overboard? now he is interventionist president? maybe we'll not get health care. at some point those true believers say wait a second, we got lied to. liz: what is that point, tammy? coal miners don't see jobs come back? is it some of the promises he made to auto workers? >> look all those things are already happening, what he promised what we expected of him, already happening. as a matter of fact even china, how that is benefiting us. they turn coal back to north korea. they're turning to american coal instead. so all of these things, talk about triangulation. i'm a little closer to the base of donald trump than ellis is i have to say. and e arguments and there is no real rumbling. we want a man who will get things done, eliminate the enemy. be a leader. we're seeing that day after day. we also know things do change day-to-day. you might be a supporter of donald trump.
that doesn't mean you're that incredibly rigid. we're partisans for the united states. if we see him making decisions that make steps that is fine for us. if he of course also makes decisions suddenly that indicate he will become a democrat or something he will hear from us at that point. liz: ellis, again i don't know how you speak out against having sent the tomahawk missiles into syria when chemical weapons were set off, murdering children. you know, two tiny twins? no matter what side of the aisle you're on, if he didn't do something -- >> don't get me wrong. i think change is for the good. i think he is getting a little more sane. listening to people who have common sense. i love it all but i think we do have to notice all things he said in the campaign, he didn't believe any of them. because he is walking away -- facts have not changed that much. there may be some alterations. you have to have some kind of for instance pills. most of us do. what does he believe, tammy.
>> ellis, america first framework, making the country strong, keeping her safe, national security are all in the same envelope what we did in the syria. same envelope as big gigantic bomb we dropped on isis in afghanistan. in the same envelope making sure china is our friend to make sure we can work with them. >> they were our enemy. >> knowing who the boss is. this fits within his desires and his claims and it is going so work for him. >> is russia good or bad? we don't know anymore, right? changes every day. maybe by the hour. liz: that is a question, you know what? we'll have many more days to answer that. >> don't let him fool you. don't let him fool you, tammy. liz: tammy bruce, ellis hennican, great to see both of you. president trump and imf chief christine lagarde share one of the same fears, a stronger dollar. i will ask her about this economic threat and her take on president trump's policies tomorrow in part one of my exclusive interview with christine lagarde right here on "countdown," 3:00 p.m. eastern.
yes, the markets may be closed for the holiday in just 15 minutes, but fox business we will still be making news. dow is down 112. lots to talk abo we'll be right back. are allergies holding you back? break through your allergies. try new flonase sensimist instead of allergy pills. it's more complete allergy relief in a gentle mist you may not even notice. using unique mistpro technology, new flonase sensimist delivers a gentle mist to help block six key inflammatory substances that cause your symptoms.
♪ liz: as the president's son-in-law jared kushner and one of his top advisors steve bannon hash out their differences another top advisor has made his way up the chain of command and now could become a key middleman between the white house and congress. charlie gasparino has the name. >> i can do a gary cohn story once a day. i just love doing gary cohn stories. he is tough and nasty-looking. used to run goldman sachs. liz: he is not nasty looking. >> i will rip your lungs out.
liz: that kind of nasty. >> you don't make a right trade. liz: former goldman sachs president. >> number two there. here is what we know, cohn increasingly taking a center stage in the trump legislative effort. cohn, our sources are telling me, these are sources inside of the white house, is now working capitol hill. also sources on capitol hill are say this on the trump infrastrture plan. he is going to various players within capitol hill to work t, try to get consensus what they should do in terms of how much and how it will be implemented, the infrastructure plan. which is somewhat controversial, here's why. trump, donald trump, the president likes it. gary cohn, i guess a democrat, like it. they like spending and keynesian spending ideas. republicans on capitol hill would like to see a tax cut. there is degree of steals that have to go with the infrastructure plan. we don't have much details on it, other than one plan we
reported on your show yesterday, one thing they're thinking about, forcing companies to bring back their profits overseas, repatriate the profits, taxes them not 35%, but discounted rate, 10%, some of the money used for infrastructure. liz: to pay for infrastructure. he sent a message that big companies are the ones that will pay into infrastructure. >> this will not be just government spending. big -- liz: taxpayer spending. >> or taxpayer. it will be companies as they repatriate money at lower rate. giving some of it. sound like an interesting plan. from what we understand gary cohn is leading a lot of this effort. why do they care about this process story? again it tells who is winning and who is losing inside of the white house. cohn is part of the liberal or democratic contingent of the trump administration run by jared kushner, his son-in-law. steve bannon is part of the nationalist or more right-wing contingent who is losing, and policy now will reflect that.
if you see, based on the conversations you just had between ellis and tammy bruce -- liz: he softened on nato. >> china. trade wars. liz: trade wars. >> trade wars was something getting tough on trade was something steve bannon pushed a lot and we're going to see, i guess, we're going to see essentially where he comes out on taxes pretty soon. again we're getting a lot of mixed signals. we hear the corporate tax cut could be off the table in favor of repatriation scheme so you don't get 15% corporate tax cut from 30. you get this instead. repatriate money at lower rate. that is not a corporate tax cut. we don't know where individual tax cuts are. the president himself signaled who knows when we will get tax cuts, how big we do it, because we haven't done health care. it may be delayed past august. there is a lot of moving parts here. some of it is because of policy. can't do tax cuts without health care. some of it is because the liberals are increasingly in
charge of the trump white house, at least in terms of the advisory infrastructure. liz: call them centrists maybe. >> no. gary cohn is a liberal. i'm on a roll with that. some of my best friend are liberals. liz: charlie. we've got to go. we've got to run. giving him the look because the markets are falling 109 points. charlie said, they want a tax cut. >> they don't like bombs, you know that? did you know that? liz: the bomb that worries me. >> spending too much time on bombs. we want to get tax cuts. that's what they're saying. liz: we will be right back. ♪ at crowne plaza we know business travel isn't just business. there's this. 'a bit of this.
[phi anne.g] so those financial regulations being talked about? they could affect your accounts, so let's get together and talk, and make sure everything's clear. yeah, that would be great. being proactive... it's how edward jones makes sense of investing. liz: one area where president trump is not shifting his stance is biotechs and big pharmaceuticals. attacked high prices of drugs since taking office. vowed to replace obamacare with his own health care plan.
even with pressure on drug developers, jnp securities marks lehman says get off the sidelines on to team biotech. that is the region. even as markets fall 117 points right now? >> it is. i think that was a space under assault in 2016 and has come back since the election. it outperformed all of 2016 even after the trump rally. you have underpinnings that are still good. companies are getting approvals forward. they're getting more approvals. fda is relatively accommodative. we have to find out about health care. those two factors on top are quite important. risk/reward in biotech remains very favorable. liz: look at your picks since the election. vertex is 37%. almylam pharmaceuticals is up 32%. the dow is now hitting new session lows, down
to what do you attribute this? charlie says markets wan taxes, not bombs? >> i think that is fair. i think charlie is right. we have a great rally since the election, exactly, any bit of news gets in the way of that is difficult for the market. they want to see results. we had a lot of hyperbole and rhetoric, wants to see results. reporting season, results which are good, as rally we've seen, investors taking a bit off the table. put more money in bonged. see the action last couple months. liz: jobless claims fell again, 110 weeks we see them below 300,000. that is good thing. mark, thank you so much. >> thanks, liz. liz: jnp. we've suddenly taken an even further dip. down 134 for the dow jones industrials. the s&p at the moment is also losing about 11 points. there we go.
the nasdaq is losing steam, down 77. here we are, closing bell, ringing and i'm heading to washington, d.c. to interview the imf chief christine lagarde tomorrow. join us all, we're live even though the markets are closed. david, melissa. over to you. david: bon voyage. as the bell rings, u.s. drops "mother of all bombs" on afghanistan. it ended the day down 135 points. this is the lowest level of the week. s&p and nasdaq selling off into the holiday weekend. i'm david asman. glad you can join us. melissa: i'm melissa francis. this is "after the bell." here is what we have for you at this hour. president trump sending a clear signal to the world as a non-nuclear weapon is dropped on afghanistan. latest details of white house an the pentagon. north korea says prepare for a